Broad Plain Inc. had net income of ($ 350,000) during the year. There were 420,000 common shares

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Broad Plain Inc. had net income of $\$ 350,000$ during the year. There were 420,000 common shares and 5,000 shares of $\$ 100$ par value, $7 \%$ preferred stock outstanding during the year. Determine the basic earnings per share.

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